Fisher Plaza fetches $160M for KOMO-TV operator
An affiliate of Houston real-estate company Hines purchased the complex. Fisher, which operates KOMO-TV and 20 other television and radio stations, will remain the largest tenant.
Seattle Times business reporter
Fisher Communications has found a buyer for its Fisher Plaza headquarters complex near the Space Needle, the company announced Thursday.
Fisher said an affiliate of Hines, a global real-estate company based in Houston, will pay $160 million for the two-building, 300,000-square-foot Plaza, which contains office space and a large data center as well as ground-floor retail.
The sale is expected to close by the end of the year. Fisher, which operates KOMO-TV and 20 other television and radio stations, said it will remain the largest tenant.
The announced sale price is higher than the appraised value of $142 million Fisher's broker reported when the complex was listed for sale earlier this year.
Fisher said it plans to use some of the proceeds to pay down debt.
"Fisher Plaza has been an asset that is not a central component of our business model and executing this transaction provides added flexibility in our effort to create additional value for our shareholders," CEO Colleen Brown said in a statement.
Fisher first put Fisher Plaza on the market in 2008, and was close to a sale when the economy tanked.
The plaza — whose exterior is the fictional hospital in the TV series "Grey's Anatomy" — houses retail on the ground floor and office and data-center space on the upper five floors. About 18,000 square feet are vacant, according to OfficeSpace.com.
It also has underground parking for 504 cars and satellite dishes and a heliport on the roof.
The buyer, Hines, is no stranger to the Seattle market. Its properties here include the Bank of America Fifth Avenue Plaza and Fourth & Madison office towers in downtown Seattle, and the Expedia Building in downtown Bellevue.
Eric Pryne: 206-464-2231 or email@example.com